Goldman Sachs has closed down its Australian transitions management business and will now offer the service out of its London office for Australian clients. There are only five remaining specialist transition managers operating in Australia.
A Goldmans spokesperson confirmed last week that the dedicated office had been closed. It is understood that the two specialists who ran the business, Greg Woodham and Josh Altit, have been let go.
The spokesperson said: “Goldman Sachs will continue to provide TM services from it’s global hub in London and it’s regionally located sales force, as it has done for more than 16 years, and including the execution of many transition orders for Sydney TM clients .
“By combining some of the most experienced Transition Managers in the business and a market share leading presence in global multi-asset execution expertise GS will maintain its commitment to transition services as a part of its broader pensions franchise.”
Managers have found it increasingly difficult to make money from their transitions businesses with some, such as JP Morgan, exiting the field completely and others consolidating and rationalising their various offices.
The five remaining firms with dedicated Australian teams are Citi, State Street, UBS, Macquarie and Russell Investments.